Precious Metals Firm Up as Dollar Slides to One-Month Low

The Financial Post reports precious metals firmed as the dollar slid to a one-month low against a basket of currencies after warnings from a Chinese foreign exchange official.

The market news is quoted as saying,

Precious metals consultancy GFMS meanwhile said on Tuesday it expected gold, silver, platinum and palladium prices to retain upside potential in 2011, with negative real interest rates remaining the principal driver.

Silver was at $37.05 an ounce against $36.73, tracking gains in gold. Platinum was at $1,819.49 an ounce against $1,805.30, while palladium was at $802.47 against $784. Palladium prices earlier hit three-month highs at $807.22 an ounce, with traders reporting buying of the metal for exchange-traded funds.

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